It should be held as early as midNovember

Prudence or operation truth If Western countries are reluctant on the message to send to their opinion since the beginning of the crisis that rocked the US banking system, Nicolas Sarkozy, him, very clearly decided yesterday the second solution. In a solemn speech in Toulon before several thousand people, the head of State has delivered a very black reading of the situation, using a vocabulary striking and risking even to some dramatization of the issues. "The crisis is not over, she will have lasting consequences for growth, unemployment, on purchasing power," "a certain idea of globalization ends", "the idea of the omnipotence of the market was a crazy idea," "fear is the main threat to the economy today," "this crisis marks the end of a world", was shelled with at the outset, in this lyrical style that had imposed its Advisor Henri Guaino in the presidential campaign.

The message may be anxiety-provoking, while no signs of real panic occurs in France The President sidestepped the question, believing instead that the French were waiting for the truth: "If they feel it their cache something, doubt grow." This approach also allows him to put in the position of the President to the manoeuvre in the storm, on a theme the regulation of capitalism as he often has developed in recent years. Binding neither more nor less than "refounding capitalism", undermined by a "system" which in has "betrayed the spirit", Nicolas Sarkozy said his determination to respond. There must be no taboos: nor the intervention of the State, economic recovery, or the current rules of the market, whether at the international level or at European level. Without attacking this time the ECB, he urged Europe to "pushing its own dogmas." He confirmed the meeting of the heads of State and Government of the countries concerned that it had raised in New York, wishing that she give flat throughout the financial system and monetary world, "as it did at Bretton Woods." It should be held as early as mid-November.

Especially, in the wake of the US rescue plan, he reclaimed the role of the State, saying ready to mobilize it as soon as needed. "It must be for the State to intervene, that it imposes rules that he invest, take interests, provided that it knows to withdraw when his intervention is no longer necessary", he said. Banks will be particularly "controlled" and sustained if necessary: "I do not accept that a single depositor losing a single euro because a financial institution would be unable to cope with its commitments.". "Strong measures" will be also taken on the remuneration of managers, rating agencies, real estate programs support control and growth "activity came back strongly and lastingly."

Extension of the unemployed

A year and a half after its election, Nicolas Sarkozy opens a new page in its quinquennium or in any case takes a new speech, significantly more interventionist than the previous, opposite returns to reality orchestrated in 1983 by François Mitterrand and in 1995 by Jacques Chirac. What to say to change economic policy It is extremely difficult to say, in the second part of his remarks, it is shown yesterday in the continuity of its quinquennium, building on the reforms of structures: appreciation of the work, declining public enrolment, new territorial hierarchy, reform of the professional tax, extension of the ecological bonus.

On purchasing power, he announced an exceptional premium for beneficiaries of social minima. And has been very reassuring for businesses (step of increasing taxation or removal of the relief of loads). In total, after meeting throughout the week with as different personalities that Nicolas Baverez or Henri de Castries and Patrick Kron patterns, the head of State tried a new synthesis to respond to the crisis. At risk to face a problem of consistency can we rehabilitate the State while the reforming then had just planned to intervene on economics to demonstrate his majority what was his Cape.